The truth is only a handful of countries have any business hosting these tournaments.
Why do I say that? Well, the massive economical and infrastructure investment it takes for a country that does not already have the roads, stadiums, and facilities in place can be disastrous. Particularly for an event that requires billions of investment and lasts less than a few months.
Take Brazil, who hosted the 2014 World Cup and the 2016 Olympics. Brazil's GDP fell by 30% after the World Cup, and the unemployment rate doubled in the three years following. Some of the stadiums they rushed to build in anticipation are now abandoned, used as bus parking lots, or rented out for special events such as birthday parties out of desperation to see any revenue.
Take the 2010 South Africa world cup. Many said that the economic return from the tourism boosts surrounding the world cup would make it well worth the billions invested. It turns out those predictions fell far short as South Africa spent an estimated 13 thousand for every tourist it attracted.
The 2008 Beijing Olympics cost over 52 billion, and the marque arena that cost $460 million to build and millions to maintain each year, the Beijing National Stadium, is now rarely used. However, unlike South Africa and Brazil, the Chinese economy is stable enough to incur losses like that and be just fine.
But what about the countries that are not in as stable of a situation? They take the same losses because of the ego of leaders who want to attach their names and careers to a successful bid rather than doing what is best for the country. Millions of Brazilian citizens protested hosting the World Cup and Olympics, yet both events took place, and now the country is still struggling to recover.